b'not allow for the regulation of indirect emit- The SHI s m The SHIELDELD smThe SECURE Actters of greenhouse gases, which includesfor Business Ownersfuel suppliers. In response, Governor Inslee directed the introduction of HB 2892 and SB2020 WPMAEXPO Presidential Sponsor & Educational Session Presenter6628, amending the CAA to include indirectThe SECURE ACTemitters giving Ecology unfettered authority to regulate GHG emissions including adop- " Could Changetion of an LCFS.Your Retirement Planning"There is a lot of tension in the legislature and governors office related to the LCFS andHow the SECURE Act Could Change Ecologys clean air rule because both wouldYour Retirement Planningresult in increased fuel prices but no revenue to the state for transportation purposes. ThisBy now, you may have heard about the new has many legislative leaders worried that ifSECURE (Setting Every Community Up for Retirement Enhance-something along these lines should pass, thement) Act. Passed at the end of 2019, this legislation contains a anticipated transportation revenue packagenumber of provisions intended to help strengthen your retire-for 2021 that would rely on a gas tax in- ment security. Here are some of the changes that may impact crease, could not pass. Between now and theyour situation, either now or in the future.2021 legislative session we will be engagedIn 2020, the age at which required minimum distributions in conversations with industry partners to de- (RMDs) from retirement accounts must be taken termine if there is a pathway for the adoption of a climate policy that will both encouragehas been increased from 70 to 72. The failure to reduction in carbon emissions while limit- comply with the required minimum distribution ing the impact on industry and consumers.requirements could result in a 50 percent penalty.Unfortunately, we may not be able to avoidThe maximum age for contributions to a traditionala state-mandated climate policy, so it will beIRA (previously 70) has been repealed. As a general rule, critical that we engage in dialogue and be atindividuals may continue to contribute to traditional IRAs as the table during the process. long as they are still working and have earned income.WOMA Priority Legislation Stretch IRAs, which allowed the beneficiary of anthat Passed in 2020 inherited account to take distributions over their life expec-SSB 6256 - Heating Oil Insurance:tancy (and spread tax liability over time) have largely been Directs the Pollution Liability Insuranceeliminated. New rules govern the timeline under which Agency (PLIA) to design and implement abeneficiaries must withdraw the balance of an inherited process to close out existing claims underIRA or 401(k) planin most cases, 10 years. However, the Heating Oil Pollution Liability Insurancecertain exceptions may apply to your unique circumstances.Program. Once the insurance program isSmall-business owners with up to 100 employeeswound down, PLIA will use the Undergroundmay be eligible for a tax credit for starting a retirement Storage Tank Revolving Loan and GrantThis article is for general plan, such as a SEP or SIMPLE plan. Additional credits may Program to assist owners and operators ofinformation and risk preven- be available if the plan includes automatic enrollment. heating oil tanks to remediate past releasestion recommendations only and should not be consideredOther changes in the law may allow parents to take and prevent future releases. legal, coverage, financial, tax, or medical advice. Thepenalty-free withdrawals of up to $5,000 (per parent) from SSB 6257 Underground Storage information may be subjecta defined contribution plan, such as a 401(k) or IRA, upon Tank Reinsurance Program:to regulations and restric- the birth or adoption of a child.Authorizes the PLIA Director to designtions in your state. There is and implement an emergency program tono guarantee following theseIf you want to learn more about the SECURE Act and how it may recommendations will helpapply to you or your businesss situation, contact yourassist owners and operators of undergroundreduce or eliminate losses.accountant or attorney for additional information. petroleum storage tanks in meeting federalThe information is accurateSfinancial responsibility requirements in theas of its publication date and event that a private insurer withdraws fromis subject to change. Quali-fied counsel should be sought the Commercial Underground Storage Tankregarding questions specific Reinsurance Program. to your circumstances. All rights reserved.Published Date: February 18, 2020SWPMA News / Spring 202053'